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5 Surprising Symptoms of Financial Stress (And 5 Helpful Solutions) Read it here.

3 Reasons to Focus on Employee Financial Security

3 Reasons to Focus on Employee Financial Security

by | Jan 22, 2024 | Blog

3 reasons to focus on employee financial security. Critical insights from recent data reveal the significant benefits of supporting employee financial security.

Significant inflation and economic turmoil have brought employee financial security into the spotlight. Recently, Mercer published their 2023-2024 Inside Employee’s Minds study and found that 78% of all employers surveyed felt a high to moderate level of concern regarding employee financial well-being. 

This worry isn’t without good reason. One of Mercer’s most pressing insights reveals that employees have a renewed focus on financial stability in 2024 — and they’re increasingly turning to their employers for help. 

Here are three key reasons employees’ financial security should be top of mind of employers in the new year and beyond.

an important insight into the need for employee financial security

1. Recent economic trends have made it harder for employees to maintain healthy personal finance habits.

Inflation has been a prevailing concern over the past year and the workforce has felt the effects. Seventy-two percent of employees surveyed by Mercer agreed with the following: “High Inflation and market volatility have significantly increased my financial stress.” What’s more, 51% of employees reported reducing their discretionary spending due to economic concerns. Another 37% had to reduce or tap into savings. 

When asked to rate their top unmet needs, “covering monthly expenses” and “being able to retire” topped the list of employee concerns. More than 10% of all employees surveyed had at least some concerns about their financial health. Financial stress has long been linked to poor outcomes at work. Stressed employees also feel less productive and experience higher rates of absenteeism.

2. Economic strain and financial stress threaten overall employee well-being.

Stress from inflation and similar economic turmoil seeps into aspects of everyday life. Some of the most crippling expenses that the American workforce face are related to healthcare. Only about three-fourths of employees feel they can afford needed healthcare without facing financial hardship. This includes employees making six figures. Moreover, for employees in lower income brackets, these numbers drop. Only around half feel they can afford needed care. 

Long-term stress takes a physical toll on the body, causing high blood pressure, headaches, insomnia, fatigue, and more. These stressed employees may in turn spread discontent in the workplace and negatively impact company culture. According to data collected by Gallup, stressed employees are more likely to butt heads with coworkers and superiors alike.

3. Competitive employers recognize the importance of employee financial security and supportive financial benefits. Economic strain and financial stress threaten overall employee well-being.

As personal finance woes have skyrocketed to the top of worker’s minds, financial security has become a key benefits incentive. Mercer’s research uncovered that one in three employees are considering leaving their employer because their benefits needs have not been met. 

More and more employers are integrating financial wellness tools into their benefits strategy, or plan to in the new feature. Mercer found that of their surveyed employers, 55% already offered some type of basic money management tool and another 27% hoped to integrate such tools soon. Fifty-three percent of employers also offered financial planning seminars and webinars with another 27% planning for such tools down the road. 

Support employee financial security with holistic financial wellness benefits.

Personal finance benefits can support employees of all ages and help employers to stand out in a crowded job market. 

Best Money Moves is an interactive financial wellness benefit that helps employees make smarter choices about their money. 

Whether employees are building their first budget, paying down debt, working toward homeownership or planning for retirement – Best Money Moves has the tools they need to turn financial goals into reality. 

Best Money Moves users gain access to a suite of debt trackers, budgeting calculators and a library of 900+ articles, videos and webinars. Our tools empower employees with actionable solutions to real-world problems. Best Money Moves users also receive exclusive member deals from our library of trusted benefits partners, including discounts on insurance, college planning prescription medications and so much more. 

Schedule a call with a member of our team to learn more about Best Money Moves. Contact us and we’ll reach out to you soon.

5 Ways to Support Employees During the Holidays

5 Ways to Support Employees During the Holidays

by | Nov 14, 2023 | Blog

5 ways to support employees during the holidays. Holiday stress can cause big problems for your workforce. Here are 5 ways to support employees during the holidays. 

While the holidays should be a restful and celebratory time of year, they can also introduce financial stress into the lives of many employees. Between the cost of gifts, holiday dinners, long-distance travel and hosting family, your team may face significant holiday costs. In a survey from the American Psychiatric Association (APA), 31% of adults said they expect to feel more stressed during the upcoming holiday season compared to years prior. 

Luckily employers can take steps to support their workers during the holidays and keep the season merry.

a surprising statistic about employee stress during hte holidays

1. Make flexible schedules the norm.

The ability to shift schedules is one of the most valuable benefits employers can provide during the holiday season. Different people have different traditions, celebrations and customs, So, flexibility is vital for limiting stress. Whether your employees are hourly, salaried or gig workers, flex time can help accommodate everyone’s needs and save your team from major headaches. 

In fact, according to Workable, 55.8% of US workers say the ease of integrating personal and professional priorities is a major benefit of having a flexible work schedule.

Flexibility allows your team to complete their work on their own terms, while still managing their own personal lives. This fosters an environment where work-life balance is valued but also respects your team’s time and effort.

2. Encourage time off during the holidays

Taking time off during the holidays is important for everyone to recharge and spend quality time with their loved ones. But, many employees may hesitate to utilize their allocated time off. 

According to Pew Research, nearly half of workers say they’d worry about falling behind at work if they took more time off. However, this mentality can lead to increased levels of employee burnout, which has severe consequences for teams. In a Deloitte study on burnout, 91 percent of respondents said that having an unmanageable amount of stress or frustration negatively impacted the quality of their work. 83 percent of respondents said burnout from work could even negatively impact their personal relationships.

 Limiting burnout can also help with employee retention. According to the same Deloitte survey, nearly half of millennials said they have left a job specifically because they felt burned out. 

To support your employees, actively encourage them to take advantage of their vacation days and spend time with their loved ones.

Prioritizing a healthy work-life balance will help your employees feel comfortable using their paid time off without fear of judgment. A supportive work environment helps you keep your best talent.

3. Promote your existing mental health services.

Employers should take proactive steps to support their staff’s mental health all year, but the holidays can be especially tough for some. Take the time to promote any mental health resources and short-term benefits you offer, as they can be most important at the end of the year. According to an APA survey, 38% of people said their stress increased during the holiday season, which can lead to physical illness, depression and anxiety. 

These benefits can help improve these symptoms and get your workforce into a healthier place for the new year.  

4. Ask about employee goals for the new year.

Supporting your employees might also mean discussing their long-term career goals, especially if productivity dips at the end of the year. A Robert Half survey of more than 2,700 U.S. workers found that 30% of respondents saw difficulty balancing work and holiday obligations. Engaging in a conversation about future aspirations is a great way to organize your workforce and help refocus. Asking about goals can also provide clarity for your employees and shift your team’s thinking past their everyday tasks. These conversations can be great opportunities to set achievable goals and prepare for the new year together.

5. Prioritize financial wellness during the holidays and beyond.

The holidays can be an expensive time for all of your employees. Between gift-giving, decorations, travel and higher utility costs, this time of year often sets people back in their financial journeys. 

In fact, the Money and Holiday Mental Health survey from 2022 found that as consumer prices have continued to increase, 55% of millennials felt more stressed about the holiday season. However, programs like Best Money Moves offer effective solutions to their financial concerns. With budget tools, calculators and other resources, the right system can get your employees back on track in time for the new year.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

5 Surprising Statistics About the State of Employee Financial Wellness

5 Surprising Statistics About the State of Employee Financial Wellness

by | Nov 7, 2023 | Blog

5 surprising statistics about the state of employee financial wellness. Economic uncertainty has reshaped how employees think about their benefits. Here are key insights into the state of employee financial wellness.

Economic uncertainty throughout the past few years has reshaped how employees think about their benefits. In their 2023 Workplace Benefits Report, Bank of America surveyed 800+ American workers, examining the success of their benefits programs. The responses illuminate the growing strain of financial stress on many workforces — and just how important financial wellness benefits are to offsetting that stress. 

Here are 5 key statistics from the survey that reveal important insights into the state of employee financial wellness.

A surprising statistic about the state of employee financial wellness

1. 63% of employees feel that economic uncertainty affects current and future workplace benefits and 401(k) retirement plans.

Employees feel the strain of prolonged economic uncertainty, although different generations show their stress differently.  Workers in the baby boomer generation are having to delay retirement due to the instability of the current economy. Millennial and Gen Z employees grapple with high levels of student debt and may worry about their current financial situation. But however your team is affected, one thing remains constant: workplace morale and productivity suffer.

Providing employer-sponsored financial benefits is one way to put your team at ease. 3 out of 5 respondents reported that they would feel confident investing in a 401(k) or alternative retirement plan through their employer will help build their savings for retirement.

2. Women feel economic strains more acutely: 39% of women had to look for additional employment to keep up with rising costs compared to 17% of men.

According to Bank of America, women generally feel financial stress more significantly than their male counterparts. More women lie awake at night worried about their personal finances and more women are worried that due to inflation, they won’t be able to make ends meet. The workplace benefits that you provide need to be tailored to each employee and account for differences between demographics. A static solution that is the same for everyone does not address the complex needs that the world of personal finance creates.

3. The percentage of employees that prioritized saving for retirement has dropped by ⅓.

As economic situations fluctuate, the priorities of your workplace do as well. As retirement planning dropped in focus, employees prioritized paying off credit card debt and building an emergency savings fund. These statistics highlight the need for a comprehensive financial wellness program. A band-aid solution such as a 401(k) matching plan or something similar may work in some years, especially prosperous ones. However, these programs need to do a better job of lending a hand to your workforce during turbulent economic periods.

4. 2 in 5 workers rate their employee financial wellness as “good or excellent”, the lowest figure since 2010.

This is alarming but not necessarily surprising, considering the tumultuous economic strain of the COVID-19/Coronavirus pandemic and subsequent years. When surveyed, only 56% of employees said that they felt optimistic about the future, a decrease from 61% the previous year. As these feelings persist, it becomes more imperative for employers to provide some form of financial wellness solution to help employees build financial confidence.

5. ¾ of workers feel that employee financial wellness is the responsibility of their employer

This idea of improved financial wellness does not solely come from increasing pay. The responsibility also encompasses employers that must instill healthy personal finance habits through education or additional resources. Not only do employees think it’s the responsibility of their company, but employers think so as well. Ninety-six percent of employers that Bank of America surveyed said that their employee’s financial wellness is on their shoulders. However, there is a disconnect between what companies say and how they’ve put their thoughts into action. Currently, only 40% of companies offer any sort of financial wellness program.

Address employee financial wellness head-on with help from Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help improve employee financial well-being. 

Whether it be retirement planning or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 700+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

What are employee wellness initiatives? (Plus, 5 key initiatives for your team)

by | Oct 13, 2023 | Blog

What are employee wellness initiatives? Wellness initiatives can give your benefits plan a powerful boost. Here are 5 key initiatives to try for your team.

Eighty-seven percent of employees consider health and wellness benefits when choosing an employer, according to a study by recruiting website Zippia. Adding wellness initiatives programs to your benefits package can provide your company an advantage in attracting talent over your competitors. 

Here’s what to know about employee wellness initiatives as well as 5 key initiatives that your team can implement to improve the employee experience.

a surprising statistic about the need for employee wellness initiatives

What are employee wellness initiatives?

Employee wellness initiatives are benefits programs that a company provides its employees. The purpose of these solutions is to promote the health and wellbeing of all the members of the office. Not only do companies see improvements in their workers mental and physical health, they often will see positive returns on their productivity and quality of work as well. In addition to cultivating a better work environment, according to the same Zippia study, 72% of employers saw a reduction in their healthcare costs after implementing these programs. 

These wellness programs can come in many different forms. Here are 5 key wellness initiatives to help your team succeed.

1. Fitness classes and health education

Encouraging your employees to exercise can positively impact both their physical and mental health. Fitness benefits can also appeal to all manner of employees, whether they enjoy complex lifting courses or low-impact aerobics. Providing stipends for these classes offers a cost-saving alternative to building an on-site gym or health club.

2. Schedule flexibility

In the post-COVID-19 workforce, flex-time is one of the most requested employee benefits. Employees want the ability to set their schedule for when to come into the office and when to work from home. The flexibility has the added benefit of reducing stress and anxiety in the workplace which will help increase productivity in the long run. Flexibility also provides added benefits for working parents trying to balance work and childcare duties.

3. Health screenings

Common reasons that people don’t go to the doctor include a fear of what a routine checkup might cost, a feeling of embarrassment or they lack access to the proper resources. All of these issues can be alleviated by providing onsite health screenings. Screenings only take 15-20 minutes of people’s time and to increase participation, can be provided during work hours.

Some employees may be dissuaded or nervous in volunteering in a program like this. Common incentives for participation include cash bonuses, reducing contributions towards health insurance and providing a flexible spending account.

4. Wellness goals

Declaring a shared goal that employees work on together while encouraging others to participate and excel in the programs helps raise the participation percentage of the benefits and can double as team-bonding exercises as well.

These goals can be carried out individually or workers can form teams and try to achieve them together. Some common challenges that workplaces have thought up are meditation, drinking more water, keeping a gratitude journal and walking/biking to work.

5. Financial wellness programs

Only 42% of employees rate their financial wellness as good or excellent, according to a report by Bank of America. But 76% of employees feel that it’s their employer’s responsibility to help them bridge the gaps in their financial wellbeing.

In response, many companies have started to provide financial wellness programs that assist clients with their budgets and guide them on a path towards financial security. When it comes to financial wellness programs, the best path forward is to provide a comprehensive one. Personal finance comes with unique issues for each of your employees and requires holistic answers for employees of all ages and financial backgrounds.

Give your team best-in-class employee financial wellness initiatives like Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help bolster employee financial wellbeing.  

Whether paying off debt or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 900+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.

3 Ways Financial Stress Impacts Employees

3 Ways Financial Stress Impacts Employees

by | Oct 10, 2023 | Blog

3 ways financial stress impacts employees. Find out how financial stress may be affecting your workforce, and impactful ways companies can help.

More than 2 in 3 adults cite inflation, money and/or the economy as a leading source of stress, according to a report from the American Psychological Association (APA). Consequently, over time, financial stress can end up causing physical, emotional and mental health issues for employees of all ages.

With the support of employers and a robust financial wellness program, employees can dial down their financial stress over time.

A surprising statistic about the impacts of employee financial stress

1. Financial stress can cause physical health issues.

Over time, money-related stress and worry can lead to physical health issues that may ultimately require a doctor’s intervention. It’s common for those experiencing chronic financial stress to also have physical symptoms, like headaches, migraines, insomnia and fatigue. 

According to the APA’s report, employees with high stress levels are 3x as likely to experience headaches and fatigue, compared to employees with average stress levels. These physical health issues can inhibit employees from showing up as their best selves and ultimately decrease employee productivity.

2. Financial stress can harm employees’ mental health and self-esteem.

Beyond the physical body, money-related stress and worries can impact well-being in other areas, such as mental health and self-esteem. According to PwC’s 2023 report, more than half of employees say they’ve experienced decreased self-esteem and mental wellness due to their financial stress. The mental health effects of financial stress can present itself in many ways, including employees feeling anxious, nervous, sad or depressed. Moreover, the lack of a clear, grounded headspace can make it harder for employees to concentrate and remain engaged throughout the day.

3. Financially stressed employees feel less connected to their company.

It’s important to remember that financial stress is not only tied to debt-related worries, like a mortgage or car loan — financial stress can be tied to day-to-day financial expenses, like affording food or transportation to work. Over time, financial stress among employees can lead to retention issues.

Employees that are financially stressed are less likely to feel connected to their employer, and ultimately, may consider looking for another employer. According to a PwC report, employees who are financially stressed are 33% more likely to say that they don’t feel connected to their company than those who are not financially stressed. The lack of belonging at a firm can lead employees to look for another employer. 

In addition, in PwC’s report, more than half of all employees say they’d be attracted to employers that care more about their financial well-being. This points to a growing trend of employees increasingly wanting an employer that makes them feel heard and supported, especially regarding their financial well-being.

Financial wellness support has increasingly become a standard in the corporate benefits space. Rather than being seen as a “nice-to-have,” top talent see financial wellness support and benefits as a “must-have” benefit for their next employer.

Looking for a financial wellness program fit for all? Try Best Money Moves.

Best Money Moves is a mobile-first financial wellness solution designed to help dial down employees’ most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal. With 1:1 money coaching, budgeting tools and other resources, our AI platform is designed to help bolster employee financial wellbeing.  

Whether paying off debt or securing a mortgage, Best Money Moves can guide employees through the most difficult financial times and topics. We have robust benefits options for employers, regardless of their benefits budget. 

Our dedicated resources, partner offerings and 900+ article library make Best Money Moves a leading benefit in bettering employee financial wellness.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.